Laws, Regulations & Annotations

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790.0000 SUPPLEMENTAL ASSESSMENT

Annotation 790.0045

790.0045 Applicability. A property with a March 1, 1983, roll value of $50,000 sells for $100,000 on April 15, and sells again for $120,000 in August of 1983. Assuming the sale price of $120,000 was representative of market value, $120,000 would become the new base year value, yielding a supplemental assessment of $70,000 ($120,000 less the $50,000 taxable value on the current roll). The interim sale for $100,000 would not be considered since it occurred prior to the July 1, 1983, effective date for the supplemental roll legislation. LTA 12/16/1983 (No. 83/132); LTA 6/20/1985 (No. 85/73).